Uber has finalized the main terms of an agreement to purchase the food division of Turkish delivery firm Getir from its majority shareholder, Mubadala of the United Arab Emirates (UAE), and has submitted the deal for approval to Turkish regulators, a report said on Monday.
A sale of Getir Food would mark another step in the exit from Türkiye of Mubadala, Abu Dhabi's $330 billion sovereign wealth fund, and would also expand the local market share of Uber Eats, the food delivery app of Uber Technologies.
Any final purchase deal would hinge in part on the review that has begun by Türkiye's Competition Authority (RK), according to a report by Reuters, citing two people familiar with the matter.
The proposed sale price was unclear, and the sources said a final deal may not ultimately happen. One source said the proposal was submitted to authorities "for final approval."
Representatives from both Uber and Mubadala declined to comment on the proposed transaction and discussions with regulators. Getir referred questions on the matter to Mubadala.
The Competition Authority did not immediately comment.
The submission to competition authorities and the progress in talks between Uber and Mubadala have not yet been reported. Earlier this month, Bloomberg reported the two sides had begun preliminary talks on a potential deal.
Last month, Mubadala sold Getir Araç, the car-rental business, to Türkiye-based Tiktak.
It was also holding potential sale talks over the delivery business, including Getir Food, and a finance unit, as it explored a full exit from the Turkish sector, Reuters reported in September.
Meanwhile, Uber is expanding in Türkiye.
In May, it said it would acquire a majority stake in Türkiye-based Trendyol GO for $700 million, adding that it planned to roll out features from the Uber Eats platform in the country.
Late last month, Uber announced it would establish a software and technology development center in Türkiye, with plans to invest $200 million over the next five years.
The center will be Uber's fourth such facility outside the United States, following ones in Brazil, India and the Netherlands.
Getir and Trendyol are among Türkiye's more established food delivery companies, competing with others, including heavyweight Yemeksepeti, which is owned by Germany-based Delivery Hero.
Getir grew rapidly during the COVID-19 pandemic, expanding in Western Europe and the United States, and was valued at $12 billion in 2022 following an investment round in which Mubadala took part.
It later suffered declining consumer demand and, in a dramatic turnaround, restructured and shut down its international operations. Mubadala took control of Getir assets early this year.
